Approval for creation of BRICS Bank
Print Edition
CHINA’S legislature has ratified an agreement with the largest emerging nations to create a new development bank that will fund infrastructure projects in the bloc and other developing economies.
The New Development Bank, also known as the BRICS Bank, is one of two international development banks China is promoting as an alternative to Western institutions.
The Standing Committee of the National People’s Congress approved the agreement between Brazil, Russia, India, China and South Africa to create the bank.
China is contributing US$41 billion to the bank, giving it the largest voting rights at 39.5 percent. The bank will have initial authorized capital of US$100 billion, and its initial subscribed capital of US$50 billion will be shared equally among founding members.
The bank will be headquartered in Shanghai and the inaugural management team will take their posts in mid-July, the finance ministry said.
The first chair of the board of governors will be nominated by Russia, the first chair of the board of directors by Brazil, and the first president by India.
They also agreed to set up a regional center in South Africa.
The bank’s establishment will be an important achievement for financial cooperation among BRICS members, said Finance Minister Lou Jiwei.
Chinese foreign ministry spokeswoman Hua Chunying said there would be a meeting in Moscow next week to confirm its new leadership and map out the bank’s first five years.
China has also led the creation of the new Asian Infrastructure Investment Bank, which counts among its 57 member countries nations such as Britain and Germany.
Hua said the two banks would complement each other.
“We think this will help increase the influence and right to speak of the BRICS countries on issues of international finance,” she told reporters.
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